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Global Switchgear Monitoring Market Overview:
The global switchgear monitoring market is expected to witness substantial growth during the forecast period owing to growth of transmission & distribution, and development in key industries such as manufacturing, construction, and others. The switchgear monitoring market size is projected to reach USD 2.16 Billion by 2024 from an estimated USD 1.52 billion, at a CAGR of 7.86% from 2019–2024.
The switchgear is a part of an electrical system, which is the combination of electrical disconnect switches, fuses, circuit breaker, and others, to protect and isolate electrical equipment. The monitoring system for switchgear helps check the effectiveness of the closed circuit and the reliability of the electrical system. The switchgear monitoring system helps improve the efficiency of the power plant by effective maintenance.
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The switchgear monitoring systems monitor the functioning and operation of switchgears, consisting of switches, fuses, circuit breaker, isolator, relay, current, and control panels.
Prominent Players:
The prominent players operating in the global switchgear monitoring market are Emerson (US), ABB (Switzerland), Trafag AG (Switzerland), Eaton (Ireland), Schneider Electric (France), Siemens (Germany), Fortive (France), Siemens (Germany), Mitsubishi Electric Corporation (Japan), Senseor (France), KONCAR-Electrical Engineering Institute, Inc. (Croatia).
Switchgear Monitoring Market Segmental Analysis:
The global Switchgear Monitoring Market has been segmented on the basis of type, voltage, component, end-use and region.
On the basis of voltage, the global switchgear monitoring market is segmented as medium voltage and high voltage.
On the basis of switchgear type, the global market has been segmented into gas insulated switchgear (GIS) and air insulated switchgear (AIS).
Based on component, the global switchgear monitoring industry has been segmented as hardware, software and services.
On the basis of end-use, the global market is segmented as utilities, industrial, commercial, and others.
Based on region, the switchgear monitoring market covers its growth opportunities and regional trends across North America, Europe, Asia-Pacific, the Middle East & Africa and South America
Scope of the Report
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging & high-growth segments. The market data comprises the basic assessment of the competitive scenarios and strategies in the global switchgear monitoring market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both – historical market values and pricing & cost analysis
Switchgear Monitoring Market Regional Analysis:
The switchgear monitoring market has been segmented into five regions, which are Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
In 2018, Asia-Pacific held the largest share of the global switchgear monitoring market, mainly due to the increasing investments in transmission & distribution (T&D) network, rising investments in renewable energy sources, and high growth in construction sector. Moreover, factors such as increased power consumption, rising influx of renewable resources in the energy mix, and rising initiatives for smart grid projects in Asia-Pacific drive the market growth.
Within Asia-Pacific, China is likely to hold the largest share during the forecast period owing to the increased expenditure on T&D networks. Similarly, countries such as Japan, India, and Australia are witnessing growth due to the need for infrastructural development and renewable energy demand.
The market in North America is expected to be the second largest owing to increase in demand for energy and modernization of infrastructure. The US market is expected to dominate the North America market during the forecast period. Europe is also expected to grow at a significant rate owing to many advanced technologies being introduced by some of the key players in Europe, such as Siemens, Senseor, and ABB.
Similarly, countries such as Saudi Arabia and Brazil are the two economies, which are expected to dominate the Middle East & Africa and South America, respectively.
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